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Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service

With the launch, BitPay now provides an alternative to crypto payroll services such as BitWage.

By Sebastian Sinclair
Updated May 9, 2023, 3:13 a.m. Published Nov 13, 2020, 9:05 a.m. 1 min read
BitPay CEO Stephen Pair
BitPay CEO Stephen Pair

Payments provider BitPay has launched a new service enabling businesses to pay employees, contractors, customers and vendors en masse with cryptocurrency.

  • Announced Friday, BitPay Send is a payout service with a focus on international and gig-economy companies looking to pay multiple recipients online simultaneously.
  • “Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” said BitPay CEO Stephen Pair.
  • With the new service, companies don't need to buy, own or manage cryptocurrency, while the recipients receive payment more efficiently and at a reduced cost, Pair added.
  • BitPay Send lets companies perform a variety of payment functions including payroll, customer cash-out requests, contractor payments, reward issuance and settlements with marketplace sellers.
  • Recipients need to have a BitPay ID and cryptocurrency wallet in order to receive payment and companies are charged a 1% fee. There are no foreign exchange fees.
  • With the launch, BitPay now provides an alternative to crypto payroll services such as BitWage.
  • BitPay launched in 2013 with a focus on enabling businesses to accept payment in bitcoin and has raised $72.5 million to date in investment, according to Crunchbase.

See also: After Years of Resistance, BitPay Adopts SegWit for Cheaper Bitcoin Transactions

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Higit pang Para sa Iyo

BIS project finds tokenization could make cross-border payments faster, safer

Ni Krisztian Sandor|Edited by Jamie Crawley
8 oras ang nakalipas
The Bank for International Settlements in Basel, Switzerland (Fred Romero/Flickr)

Project Agorá, backed by major central banks, will now move toward "real-value" testing to settle tokenized central bank money and bank deposits on blockchain rails.

Ano ang dapat malaman:

  • Project Agorá, backed by the Bank for International Settlements, found that tokenizing central bank reserves and commercial bank deposits could significantly improve the speed and reliability of payments across borders.
  • With major central banks like the New York Fed, Bank of England and Bank of Japan involved, members now plan...
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